James Buchanan

Presidency

What economic problem surfaced during the Buchanan administration?

The Panic of 1857 that began before Buchanan assumed office plagued him and the American economy throughout his tenure. The panic began in part after the collapse of the New York branch of the Ohio Life Insurance Company, a major force in the American economy. Thousands of American businesses and numerous banks collapsed during this economic depression. The country did not recover until after the U.S. Civil War.